IDEAS home Printed from https://ideas.repec.org/p/pke/wpaper/pkwp2608.html

The financialisation debate: from transdisciplinary research program to disciplinary recognition and fragmentation

Author

Listed:
  • Engelbert Stockhammer

Abstract

The paper discusses the historical development of the debate on financialization supported by bibliometric analysis. There are several origins of the concept of financialisation in the 1990s and in the early 2000s this consolidates in a transdisciplinary project: an attempt to create a critical conversation across academic disciplines about the impact of finance on the economy and society. This was driven by the team of CRESC by organising workshops and special issues, involving critical business studies, constructivist approaches on the household and heterodox macroeconomics. This created the basis for the success of the concept and, since the global financial crisis, enabled an explosive rise of studies on financialisation. But with success also come a fragmentation of the debate and its disintegration along disciplinary lines. Thus, research on financialization today is published in more prestigious journals, but it has decoupled from the core financialisation debate of the 2000s.

Suggested Citation

  • Engelbert Stockhammer, 2026. "The financialisation debate: from transdisciplinary research program to disciplinary recognition and fragmentation," Working Papers PKWP2608, Post Keynesian Economics Society (PKES).
    • Handle: RePEc:pke:wpaper:pkwp2608
    as

    Download full text from publisher

    File URL: https://postkeynesian.net/media/working-papers/PKWP2608.pdf
    File Function: First version, 2026
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Eugenio Caverzasi & Alberto Botta & Clara Capelli, 2019. "Shadow banking and the financial side of financialisation," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 43(4), pages 1029-1051.
    2. Levine, Ross & Zervos, Sara, 1998. "Stock Markets, Banks, and Economic Growth," American Economic Review, American Economic Association, vol. 88(3), pages 537-558, June.
    3. Engelbert Stockhammer, 2004. "Financialisation and the slowdown of accumulation," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 28(5), pages 719-741, September.
    4. Sebastian Kohl, 2018. "More Mortgages, More Homes? The Effect of Housing Financialization on Homeownership in Historical Perspective," Politics & Society, , vol. 46(2), pages 177-203, June.
    5. Engelbert Stockhammer, 2005. "Shareholder value orientation and the investment-profit puzzle," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 28(2), pages 193-215.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Eckhard Hein & Christian Schoder, 2011. "Interest rates, distribution and capital accumulation -- A post-Kaleckian perspective on the US and Germany," International Review of Applied Economics, Taylor & Francis Journals, vol. 25(6), pages 693-723, November.
    2. Joel Rabinovich & Niall Reddy, 2024. "Corporate Financialization: A Conceptual Clarification and Critical Review of the Literature," Working Papers PKWP2402, Post Keynesian Economics Society (PKES).
    3. Hans D. G. Hyun, 2023. "A financial frontier model with bankers' susceptibility under uncertainty," Metroeconomica, Wiley Blackwell, vol. 74(1), pages 94-118, February.
    4. Leila Davis & Joao Paulo A. de Souza, 2022. "Churning and profitability in the U.S. corporate sector," Metroeconomica, Wiley Blackwell, vol. 73(3), pages 924-957, July.
    5. Georgios Argitis & Stella Michopoulou, 2011. "Are Full Employment and Social Cohesion Possible Under Financialization?," Forum for Social Economics, Taylor & Francis Journals, vol. 40(2), pages 139-155, January.
    6. Eckhard Hein, 2010. "Shareholder Value Orientation, Distribution And Growth—Short‐ And Medium‐Run Effects In A Kaleckian Model," Metroeconomica, Wiley Blackwell, vol. 61(2), pages 302-332, May.
    7. Hein, Eckhard & Dodig, Nina & Budyldina, Natalia, 2014. "Financial, economic and social systems: French Regulation School, Social Structures of Accumulation and Post-Keynesian approaches compared," IPE Working Papers 34/2014, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    8. Eckhard Hein & Lena Vogel, 2009. "Distribution and Growth in France and Germany: Single Equation Estimations and Model Simulations Based on the Bhaduri/Marglin Model," Review of Political Economy, Taylor & Francis Journals, vol. 21(2), pages 245-272.
    9. Hein, Eckhard, 2025. "Kaleckian economics after Kalecki: A survey," IPE Working Papers 257/2025, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    10. Jörg Bibow, 2010. "Alternative Strategien der Budgetkonsolidierung in Österreich nach der Rezession," IMK Studies 03-2010, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    11. Till van Treeck, 2008. "The political economy debate on ‘financialisation’ – a macroeconomic perspective," IMK Working Paper 01-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    12. Hein, Eckhard, 2011. "Distribution, 'financialisation' and the financial and economic crisis: Implications for post-crisis economic policies," IPE Working Papers 09/2011, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    13. Eckhard Hein, 2012. ""Financialization," distribution, capital accumulation, and productivity growth in a post-Kaleckian model," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 34(3), pages 475-496.
    14. Giorgos Argitis & Stella Michopoulou, 2013. "Studies in Financial Systems No 4 Financialization and the Greek Financial System," FESSUD studies fstudy04, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    15. Leila Davis & Shane McCormack, 2021. "Industrial stagnation and the financialization of nonfinancial corporations," Review of Evolutionary Political Economy, Springer, vol. 2(3), pages 459-491, December.
    16. Eckhard Hein, 2005. "Finanzstruktur und Wirtschaftswachstum - theoretische und empirische Aspekte," IMK Studies 01-2005, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    17. Roberto Veneziani & Luca Zamparelli & Leila E. Davis, 2017. "Financialization And Investment: A Survey Of The Empirical Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1332-1358, December.
    18. Eckhard Hein & Till van Treeck, 2010. "‘Financialisation’ in Post-Keynesian Models of Distribution and Growth: A Systematic Review," Chapters, in: Mark Setterfield (ed.), Handbook of Alternative Theories of Economic Growth, chapter 13, Edward Elgar Publishing.
    19. Rita Vieira & Graça Azevedo & Jonas Oliveira, 2024. "Systematic review in financialization politics: the role of corporate governance and managerial compensation," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 21(3), pages 376-405, September.
    20. Ömer Tuğsal Doruk, 2024. "The dark side of finance: the link between financialisation and labour investment in emerging Asian countries," Economic Change and Restructuring, Springer, vol. 57(6), pages 1-20, December.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    JEL classification:

    • B29 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Other
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pke:wpaper:pkwp2608. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Jo Michell (email available below). General contact details of provider: https://edirc.repec.org/data/pksggea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.